Alabama resident John Cooney has pleaded guilty to tax evasion.
In 2011 Cooney filed delinquent tax returns for 2008 through 2010, and admitted that he owed the IRS almost $780,000, but failed to include a payment with his returns.
To evade the tax debt and future taxes, Cooney created an entity, GVA Advisors LLC, and directed income from his employer and dividends from his investments into an account in GVA’s name.
Cooney deposited more than $435,000 from 2013 through 2016 into the GVA account, concealing the funds from the IRS.
By 2017 Cooney owed more than 1.3 million dollars in outstanding taxes, penalties and interest.
Cooney faces a maximum sentence of five years in prison and has agreed to pay $1,311,904 in restitution.